Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how the FCA and PRA plan to (a) manage and (b) control the new value transfer mechanisms from decentralised finance that will potentially see asset and cash ownership of UK PLC leave the UK.

This is a matter for the Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA), which are operationally independent from Government. The question has been passed on to the FCA and PRA. The FCA and PRA will reply directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.